[Form 4] Rhythm Pharmaceuticals, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Joseph Shulman, Chief Technical Officer of Rhythm Pharmaceuticals, reported changes in his beneficial ownership on Form 4. On 09/02/2025 he acquired 2,094 shares by exercising options with an exercise price of $27.35 and acquired 14,687 shares by exercising options with an exercise price of $30.66, bringing his post-transaction common stock holdings to 25,290 shares (direct). The filing also reports a sale of 16,781 shares on the same date under a Rule 10b5-1 instruction adopted August 8, 2024, at a weighted-average sale price of $105.298, leaving 8,509 shares owned after the sale. Option grants referenced were dated February 1, 2023 and February 11, 2021 with multi-period vesting schedules.

Positive

• Clear disclosure of option exercises, sale quantities, and weighted-average sale price
• Sale executed under a Rule 10b5-1 instruction adopted August 8, 2024, which is disclosed in the filing
• Option grant dates and vesting schedules for the exercised options are explicitly stated

Negative

• Material reduction in holdings: sale of 16,781 shares reduced beneficial ownership to 8,509 shares
• Weighted-average sale price reported without per-trade breakdown in the filing (reporting person offers to provide details upon request)

Insights

Securities Analyst

TL;DR: Officer exercised options and executed a Rule 10b5-1 sale, resulting in net change to direct holdings.

The filing shows an insider exercise of two tranches of stock options (2,094 and 14,687 shares) and a contemporaneous sale of 16,781 shares under a Rule 10b5-1 plan adopted August 8, 2024. The weighted-average sale price is disclosed as $105.298. Post-transactions, the report states 8,509 shares remain beneficially owned. These are standard insider-limited liquidity and compensation-related transactions; the filing provides clear quantities, prices, and option grant dates without additional commentary on purpose.

Corporate Governance Expert

TL;DR: Transactions are documented and accompanied by a stated 10b5-1 plan; disclosure appears procedurally complete.

The Form 4 explicitly notes the sale was effected pursuant to a Rule 10b5-1 instruction and supplies a weighted-average sale price plus a willingness to disclose per-price breakdown upon request. Option vesting schedules and grant dates are identified for the exercised grants. The signature is provided by an attorney-in-fact. Based solely on the filing text, disclosures meet typical procedural requirements for Section 16 reporting.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Shulman Joseph

(Last) (First) (Middle)

C/O RHYTHM PHARMACEUTICALS, INC.

222 BERKELEY STREET, 12TH FLOOR

(Street)

BOSTON MA 02116

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RHYTHM PHARMACEUTICALS, INC. [ RYTM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Technical Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/02/2025		M		2,094	A	$27.35	10,603	D
Common Stock	09/02/2025		M		14,687	A	$30.66	25,290	D
Common Stock	09/02/2025		S(1)		16,781	D	$105.298(2)	8,509	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	$27.35	09/02/2025		M			2,094	(3)	01/31/2033	Common Stock	2,094	$0	16,750	D
Stock Options (Right to Buy)	$30.66	09/02/2025		M			14,687	(4)	02/10/2031	Common Stock	14,687	$0	22,813	D

Explanation of Responses:

1. The sale reported in this Form 4 was effected pursuant to Rule 10b5-1 instruction adopted on August 8, 2024.

2. The price reported in Column 4 is a weighted average price. The securities were sold in multiple transactions at prices ranging from $105.00 to $105.82 per common stock. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The stock options were granted on February 1, 2023. The options vest and become exercisable in 16 substantially equal installments upon the Reporting Person's completion of each three full months of successive service to the Issuer following the grant date.

4. The stock options were granted on February 11, 2021. The options vest and become exercisable in 16 substantially equal installments upon the Reporting Person's completion of each three full months of successive service to the Issuer following the grant date.

	/s/ Stephen Vander Stoep, attorney-in-fact for Joseph Shulman	09/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did Joseph Shulman (RYTM) report on Form 4?

The Form 4 reports the exercise of 2,094 options at $27.35 and 14,687 options at $30.66, plus a sale of 16,781 shares on 09/02/2025.

Was the sale by the reporting person part of a pre-arranged plan (RYTM)?

Yes. The Form 4 states the sale was effected pursuant to a Rule 10b5-1 instruction adopted on August 8, 2024.

What was the weighted-average price of the shares sold in the Form 4?

The weighted-average sale price reported is $105.298, with trades ranging from $105.00 to $105.82 according to the filing footnote.

How many shares did Joseph Shulman own after the reported transactions?

After the transactions, the filing reports beneficial ownership of 8,509 shares (direct).

Which option grants were exercised according to the Form 4?

Options granted on February 1, 2023 (2,094 shares) and February 11, 2021 (14,687 shares) are identified as the exercised grants.